MIRA INFORM REPORT

Report Date :

11.05.2013

IDENTIFICATION DETAILS

Name :	FIDSON HEALTHCARE PLC

Registered Office :	Olabode House, 215/219 Ikoropu Road, Lagos

Country :	Nigeria

Financials (as on) :	31.12.2011

Date of Incorporation :	01.03.1995

Com. Reg. No.:	FC024132

Legal Form :	Public Independent

Line of Business :	Manufacture of basic pharmaceutical products

No. of Employees :	284 Employees

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Nigeria

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

nigeria - ECONOMIC OVERVIEW

Oil-rich Nigeria has been hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, but in 2008 began pursuing economic reforms. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring deal from the Paris Club and a $1 billion credit from the IMF, both contingent on economic reforms. Nigeria pulled out of its IMF program in April 2002, after failing to meet spending and exchange rate targets, making it ineligible for additional debt forgiveness from the Paris Club. In November 2005, Abuja won Paris Club approval for a debt-relief deal that eliminated $18 billion of debt in exchange for $12 billion in payments - a total package worth $30 billion of Nigeria's total $37 billion external debt. Since 2008 the government has begun to show the political will to implement the market-oriented reforms urged by the IMF, such as modernizing the banking system, removing subsidies, and resolving regional disputes over the distribution of earnings from the oil industry. GDP rose strongly in 2007-11 because of growth in non-oil sectors and robust global crude oil prices. President JONATHAN has established an economic team that includes experienced and reputable members and has announced plans to increase transparency, diversify economic growth, and improve fiscal management. Lack of infrastructure and slow implementation of reforms are key impediments to growth. The government is working toward developing stronger public-private partnerships for roads, agriculture, and power. Nigeria's financial sector was hurt by the global financial and economic crises, but the Central Bank governor has taken measures to restructure and strengthen the sector to include imposing mandatory higher minimum capital requirements.

Source : CIA

COMPANY NAME & ADDRESS

FIDSON HEALTHCARE PLC

268, Ikorodu Road, Shomolu

P.O.Box 7210

Lagos,

Nigeria

Tel: 234-1-4933319

Fax: 234-1-4930841

www.fidson.com

SYNTHESIS

Employees: 284

Company Type: Public Independent

Traded: Nigerian Stock Exchange: FIDSON

Incorporation Date: 01-Mar-1995

Auditor: Ernst & Young LLP

Financials in: USD (mil)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Nigerian Naira

Annual Sales: 45.6 ¹

Net Income: 0.5

Total Assets: 57.4 ²

Market Value: 10.3

(28-Dec-2012)

Business Description

Fidson Healthcare PLC (Fidson) is a Nigeria-based healthcare company. Fidson operates in the therapeutic market segments. Its portfolio includes anti-infective, anti-arthritis, endocrinology, gastro-intestine, anti-retroviral, anti-malaria, cardiovascular, anti-depressant, pain relievers, haematinics, cough expectorants and consumer goods. Fidson Healthcare Limited operates factories, where manufacturing activities are carried out. The Company has a wholly owned subsidiary, Fidson Products Limited, engaged in the production of personal products. For the nine months ended 30 September 2012, Fidson Healthcare PLC revenues increased 53% to NGN5.56B. Net income totaled NGN237.2M vs. loss of NGN120M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net Income reflects Other Operating Revenue increase of 5% to NGN16.5M (income). Basic Earnings per Share excluding Extraordinary Items increased from -NGN0.08 to NGN0.16.

Industry

Industry	Biotechnology and Drugs
ANZSIC 2006:	1841 - Human Pharmaceutical and Medicinal Product Manufacturing
NACE 2002:	2441 - Manufacture of basic pharmaceutical products
NAICS 2002:	325412 - Pharmaceutical Preparation Manufacturing
UK SIC 2003:	2441 - Manufacture of basic pharmaceutical products
UK SIC 2007:	2110 - Manufacture of basic pharmaceutical products
US SIC 1987:	2833 - Medicinal Chemicals and Botanical Products

Key Executives

Name	Title
Fidelis A. Ayebae	Chief Executive Officer/ Managing Director, Director
Olatunde B. Olanipekun	Finance Director, Executive Director
Olugbenga Olayeye	Executive Director, Sales and Marketing Director
J. Abayomi Adebanyo	Company Secretary
Abiola A. Adebayo	Operations Director, Executive Director

Financial Summary

As of 30-Sep-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.83	3.42
Quick Ratio (MRQ)	1.51	2.80
Debt to Equity (MRQ)	0.51	0.38
Net Profit Margin (TTM) %	4.88	10.79

Stock Snapshot

Traded: Nigerian Stock Exchange: FIDSON

As of 28-Dec-2012

Financials in: NGN

Recent Price	1.08	EPS	0.06
52 Week High	1.70	Price/Sales	0.23
52 Week Low	0.61	Price/Earnings	3.71
Avg. Volume (mil)	3.51	Price/Book	0.32
Market Value (mil)	1,620.00	Beta	0.73

	Price % Change	Rel S&P 500%
4 Week	5.88%	0.67%
13 Week	-0.92%	-7.51%
52 Week	42.11%	5.94%
Year to Date	36.71%	1.70%

Registered No.(UK):FC024132

1 - Profit & Loss Item Exchange Rate: USD 1 = NGN 155.8382
2 - Balance Sheet Item Exchange Rate: USD 1 = NGN 162.3

Corporate Overview

Location
268, Ikorodu Road, Shomolu
P.O.Box 7210
Lagos, Nigeria

Tel:	234-1-4933319
Fax:	234-1-4930841

www.fidson.com

Quote Symbol - Exchange
FIDSON - Nigerian Stock Exchange

Sales NGN(mil):	7,103.4
Assets NGN(mil):	9,309.8
Employees:	284
Fiscal Year End:	31-Dec-2011


Industry:	Biotechnology and Drugs

Registered Address:
Olabode House
215/219 Ikoropu Road
Lagos Nigeria

Incorporation Date:	01-Mar-1995
Company Type:	Public Independent
Quoted Status:	Quoted
Registered No.(UK):	FC024132


Chief Executive Officer/ Managing Director, Director:	Fidelis A. Ayebae

Industry Codes

ANZSIC 2006 Codes:
1841	-	Human Pharmaceutical and Medicinal Product Manufacturing

NACE 2002 Codes:
2441	-	Manufacture of basic pharmaceutical products
2442	-	Manufacture of pharmaceutical preparations

NAICS 2002 Codes:
325412	-	Pharmaceutical Preparation Manufacturing

US SIC 1987:
2833	-	Medicinal Chemicals and Botanical Products
2834	-	Pharmaceutical Preparations

UK SIC 2003:
2441	-	Manufacture of basic pharmaceutical products
24421	-	Manufacture of medicaments

UK SIC 2007:
2110	-	Manufacture of basic pharmaceutical products
2120	-	Manufacture of pharmaceutical preparations

Business Description

More Business Descriptions

Manufacture and distribution of pharmaceuticals including anti-infective, anti-arthritis, endocrinology, gastro-intestine, anti-retroviral, anti-malaria, cardiovascular, anti-depressant, pain relievers, haematinics and cough expectorants

Fidson Healthcare Plc (Fidson) is a healthcare products manufacturing company. The company carries out manufacturing and distribution of pharmaceuticals. It also operates in the areas of R&D, products distribution, human capital development and consumer goods development. The company develops a wide range of products serving major therapeutic areas such as anti-infective, endocrinology, anti-arthritis, gastro-intestine, anti-retroviral, anti-malaria, cardiovascular, pain relievers, haematinics, anti-depressant, cough expectorants and consumer goods. The company's major affiliates include Tablets India Limited, a manufacturer of various types of pharmaceutical and nutraceutical formulations, and Synergy Healthcare Limited, a provider of niche solutions to the healthcare sector. The company is headquartered in Lagos, Nigeria.The company reported revenues of (Nigeria Naira) NGN 7,103.45 million during the fiscal year ended December 2011, an increase of 39.27% over 2010. The operating profit of the company was NGN 555.20 million during the fiscal year 2011, a decrease of 13.55% from 2010. The net profit of the company was NGN 83.21 million during the fiscal year 2011, a decrease of 82.14% from 2010.

Brand/Trade Names

Ciprotab

Meprasil

Astymin

Astyfer

Financial Data

Financials in:	NGN(mil)

Revenue:	7,103.4
Net Income:	83.2
Assets:	9,309.8
Long Term Debt:	1,881.5
Total Liabilities:	4,207.7
Working Capital:	0.1

Date of Financial Data:	31-Dec-2011

1 Year Growth

Market Data

Quote Symbol:	FIDSON
Exchange:	Nigerian Stock Exchange
Currency:	NGN
Stock Price:	1.1
Stock Price Date:	12-28-2012
52 Week Price Change %:	42.1
Market Value (mil):	1,620,000.0

SEDOL:	B39WZH9
ISIN:	NGFIDSON0006

Equity and Dept Distribution:
6/30/2008: 1,300,000,000 shs. issued.

Key Corporate Relationships

Auditor:	Ernst & Young LLP

Auditor:	Ernst & Young LLP, Akintola Williams Deloitt, Ernst & Young

Competitors Report

CompanyName	Location	Employees	Ownership
Nigerian-German Chemicals Plc	Lagos, Nigeria	195	Public

Executives Report

Board of Directors

Name

Title

Function

Felix Omoikhoje Aizobeoje Ohiwerei

Chairman of the Board

Chairman

Biography:

Mr. Felix Omoikhoje Aizobeoje Ohiwerei is Chairman of the Board of Directors of Fidson Healthcare Plc. He graduated from University College, Ibadan (now University of Ibadan) in 1961. He was appointed Deputy Chairman/Managing Director of Nigerian Breweries Plc in 1987, became Chairman/Managing Director in June 1989 and Chairman/Chief Executive Officer of the company in 1997. He retired from the service of Nigerian Breweries in June 1999 and was appointed Non-Executive Chairman of the company in July 1999. He was also Chairman, Unilever Nigeria Plc; Coates Brothers (West Africa) Limited; Director, Shell Trustees Limited; Chairman Friendship Bible Fellowship, National Director, Full Gospel Businessmen Fellowship International. In December, 2003 he was appointed Chairman, Governing Council of Nigerian Investment Promotion Commission. He is a Fellow of the Nigerian Marketing Association, a Fellow of the Geography Society of Nigeria, a Fellow of the Institute of Directors and a Fellow of the Advertising Practitioners Council of Nigeria. He holds an Honorary Doctor of Law Degree (LLD) from the University of Ibadan.

Age: 75

Education:

University of Ibadan, BA (Geography)

Abiola A. Adebayo

Operations Director, Executive Director

Director/Board Member

Biography:

Mr. Abiola (Biola) A. Adebayo is Executive Director and Operations Director of Fidson Healthcare Limited. He has been on the Board since 2004. He is a 1988 graduate of Pharmacy from the University of Lagos. He worked with Federal Ministry of Health Lagos as an Intern Pharmacist, Glaxo Nigeria Plc and CAPL as a Medical Representative before joining Fidson Healthcare Ltd in 1997 as Medical Representative. He was elevated to the position of Sales and Marketing Manager in April 2001. In 2004 he rose to the level of Sales and Marketing Director.

Education:

University of Lagos (Pharmacy)

Ademola Michael Adeoti

Pharmacist

Director/Board Member

Age: 46

Education:

Obafemi Awolowo University

Oladipo O. Akinkugbe

Non-Executive Director

Director/Board Member

Biography:

Professor Oladipo O. Akinkugbe is Non-Executive Director of Fidson Healthcare Plc. Professor Akinkugbe was educated at Government College, Ibadan and the University College, Ibadan. He later attended London University - the Royal London Hospital - where he received his medical degree, MBBS, in 1958. He obtained a Diploma in Tropical Medicine and Hygiene in 1960 from Liverpool University, and received a Doctor of Philosophy from Balliol College, Oxford University, in 1964. He is former Vice Chancellor of the University of Ilorin, former Vice Chancellor of Ahmadu Bello University, former visiting professor of Medicine at Harvard University and former Pro-Chancellor and Chairman of council of the University of Port Harcourt. He is also Emeritus professor of Medicine, University of Ibadan. Professor Akinkugbe has served as World Health Organization Expert on Health Manpower and WHO Council Member on Health Research. He was President of the Nigerian Association of Nephrology between 1987 and 1990. He has edited and authored theses, books, journals and reports.

Education:

University of Oxford, PHD
University of London, B (Medicine)

Joseph Akhuogie Audu

Director

Director/Board Member

Fidelis A. Ayebae

Chief Executive Officer/ Managing Director, Director

Director/Board Member

Biography:

Dr. Fidelis A. Ayebae has been Chief Executive Officer/ Managing Director and Member of the Board of Directors of Fidson Healthcare Plc since 1995. He graduated from the Mainland Institute of Technology in 1976 with a Diploma in Civil Engineering. He obtained Advanced Diploma in Business Administration from the University of Lagos in 1999. He is an Associate of the Chartered Institute of Administration. He is also Member of the Nigeria Institute of Management. He started his working career with Metalum Nigeria Limited in 1976. He rose to the position of a project manager and served as member of the senior management team. He joined Citibank Limited (now Nigeria International Bank Limited) in 1986 as Head of Premises Unit and served as Head of Administration department, Quality Controller, Branch Coordinator, Head of Funds Transfer department and Member of operation group management team. He resigned his appointment as Assistant Vice President in Charge of Operations. He joined Ayebae Investments Limited in 1992 as Chairman/Managing Director.

Age: 55

Education:

University of Lagos

Olufunmilola O. Ayebae

Non-Executive Director

Director/Board Member

Biography:

Ms. Olufunmilola O. Ayebae has been Non-Executive Director of Fidson Healthcare Plc since 2001. She obtained her Professional Secretaries Diploma from The London College of Secretaries in the United Kingdom. She had a stint at work as a Confidential Secretary in the Personnel Department of Metalum Ltd, an Aluminium Products Engineering Company for eight years, after graduation. She established her own business in 1995.

Age: 55

Education:

The London College of Secretaries, Professional Secretaries Diploma

E.E. Imoagene

Director

Director/Board Member

Olatunde B. Olanipekun

Finance Director, Executive Director

Director/Board Member

Biography:

Mr. Olatunde B. Olanipekun is Finance Director and Executive Director of Fidson Healthcare Limited. He joined the Company as Finance Director in 2005. He graduated in Economics specializing in Accounting from the University of Ife (now Obafemi Awolowo University), Ife Ife in 1978. He is Alumnus of Lagos Business School and Irish Management Institute, Ireland. He became an Associate Member of the Institute of Chartered Accountants of Nigeria (ICAN) in November 1981. He became a Fellow of the Institute in July 1992. He is an Associate Member of the Institute of Taxation of Nigeria. Between 1981 and 1982 he was with the Firm of Peat, Marwick, Ani, Ogunde & Co as Audit Senior. He was a trainee Accountant in the firm between 1979 and 1981 after serving the country (NYSC) as an Accountant with the Sokoto Rima Basin Development Authority, Talata Mafara Branch. Between 1983 and 1991 he was at Dunlop (Nigeria) Ltd where he held managerial positions including Manager, Financial Accounts, Accountant and later Controller of the Consumers and Industrial Division from where he moved to the position of Controller, Corporate Planning, finally becoming the Chief Accountant. He was the Finance and Administration Director of Evans Medical Plc from 1998 to 2000, after serving that same company as Finance Director from 1994 to 1998. Before his present appointment he was Financial Controller, Associated Match Industries Limited Ibadan, Chief Executive Officer of Xtie Edwards (Nigeria) Ltd and Tunde Olanipekun & Co.

Education:

Obafemi Awolowo University (Economics)

Olugbenga Olayeye

Executive Director, Sales and Marketing Director

Director/Board Member

Biography:

Mr. Olugbenga Olayeye is Executive Director and Operations Director of Fidson Healthcare Limited. He graduated from the School of Pharmacy of the University of Ibadan in 1993. He worked with Mopson Pharmaceuticals as a Research & Product Development Assistant before joining Fidson Healthcare Plc in 1996 as a Medical Representative. He was elevated to the position of Regional Manager in January 1998 and Business Development Manager in 1999 in which he served until his appointment as the Factory Manager, an Assistant General Manager position. He was appointed to the position of Operations Director in 2004.

Age: 44

Education:

University of Ibadan

A.P Sadauki

Director

Director/Board Member

Executives

Name

Title

Function

Fidelis A. Ayebae

Chief Executive Officer/ Managing Director, Director

Chief Executive Officer

Biography:

Age: 55

Education:

University of Lagos

Abiola A. Adebayo

Operations Director, Executive Director

Operations Executive

Biography:

Education:

University of Lagos (Pharmacy)

J. Abayomi Adebanyo

Company Secretary

Joseph Akhuogie Audu

Director

Company Secretary

Olatunde B. Olanipekun

Finance Director, Executive Director

Finance Executive

Biography:

Education:

Obafemi Awolowo University (Economics)

Nkem Onwuama

Chief Accounting Officer

Accounting Executive

Olugbenga Olayeye

Executive Director, Sales and Marketing Director

Sales Executive

Biography:

Age: 44

Education:

University of Ibadan

Ademola Michael Adeoti

Pharmacist

Medical Specialist

Age: 46

Education:

Obafemi Awolowo University

Directors and Shareholders Report

Main Office Address:
268, Ikorodu Road, Shomolu
P.O.Box 7210
Lagos
Nigeria

Tel: 234-1-4933319
Fax: 234-1-4930841
URL: http://www.fidson.com/

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Olugbenga Oluseyi Olayeye	Current	16 Dec 1968	4 Akinyele Street, Off Jonathan Coker Street, Iju, Agege Lagos	07 Oct 2002	NA	Current:1 Previous:0 Disqualifications:0
Ademola Michael Adeoti	Current	09 Aug 1966	\76 Ogudu Road, Gra Ogudu, Ojoja, Lagos State	07 Oct 2002	NA	Current:1 Previous:0 Disqualifications:0
Olufunmilola Fedelis Ayebae	Current	09 Oct 1957	22 Oluseun Crescent, Anthony, Lagos State	07 Oct 2002	NA	Current:1 Previous:0 Disqualifications:0
Fidelis Akhagboso Ayebae	Current	06 Mar 1957	22 Oluseun Crescent, Anthony, Lagos State	07 Oct 2002	NA	Current:1 Previous:0 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Joseph Akhuogie Audu	Current	NA	8 Montgomery Street, Yaba, Lagos	07 Oct 2002	NA	Current:1 Previous:0 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
Period Length	12 Months		12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Jun-2011	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2009	Reclassified Normal 30-Jun-2009
Filed Currency	NGN	NGN	NGN	NGN	NGN
Exchange Rate (Period Average)	155.838183	152.926612	151.080656	134.103251	120.590029
Auditor			Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion			Unqualified	Unqualified	Unqualified

Net Sales	45.6	-	33.8	37.4	37.3
Revenue	45.6	-	33.8	37.4	37.3
Total Revenue	45.6	-	33.8	37.4	37.3

Cost of Revenue	19.7	-	15.1	17.0	16.7
Cost of Revenue, Total	19.7	-	15.1	17.0	16.7
Gross Profit	25.9	-	18.7	20.5	20.6

Selling/General/Administrative Expense	22.7	-	13.3	15.2	15.0
Total Selling/General/Administrative Expenses	22.7	-	13.3	15.2	15.0
Interest Expense - Operating	-	-	1.4	1.4	1.4
Interest Expense - Net Operating	-	-	1.4	1.4	1.4
Interest Income - Operating	-	-	-0.1	-0.6	-0.2
Interest/Investment Income - Operating	-	-	-0.1	-0.6	-0.2
Interest Expense (Income) - Net Operating Total	-	-	1.2	0.8	1.2
Other, Net	-0.4	-	-0.1	-0.2	0.0
Other Operating Expenses, Total	-0.4	-	-0.1	-0.2	0.0
Total Operating Expense	42.0	-	29.5	32.8	33.0

Operating Income	3.6	-	4.3	4.6	4.4

Interest Expense - Non-Operating	-2.0	-	-	-	-
Interest Expense, Net Non-Operating	-2.0	-	-	-	-
Interest Income - Non-Operating	0.0	-	-	-	-
Interest/Investment Income - Non-Operating	0.0	-	-	-	-
Interest Income (Expense) - Net Non-Operating Total	-2.0	-	-	-	-
Income Before Tax	1.6	-	4.3	4.6	4.4

Total Income Tax	1.0	-	1.2	1.4	2.8
Income After Tax	0.5	-	3.1	3.2	1.6

Net Income Before Extraord Items	0.5	-	3.1	3.2	1.6
Net Income	0.5	-	3.1	3.2	1.6

Income Available to Common Excl Extraord Items	0.5	-	3.1	3.2	1.6

Income Available to Common Incl Extraord Items	0.5	-	3.1	3.2	1.6

Basic/Primary Weighted Average Shares	1,500.0	-	1,500.0	1,500.0	1,500.0
Basic EPS Excl Extraord Items	0.00	-	0.00	0.00	0.00
Basic/Primary EPS Incl Extraord Items	0.00	-	0.00	0.00	0.00
Diluted Net Income	0.5	-	3.1	3.2	1.6
Diluted Weighted Average Shares	1,500.0	-	1,500.0	1,500.0	1,500.0
Diluted EPS Excl Extraord Items	0.00	-	0.00	0.00	0.00
Diluted EPS Incl Extraord Items	0.00	-	0.00	0.00	0.00
Dividends per Share - Common Stock Primary Issue	0.00	-	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	1.0	2.5	2.5
Interest Expense, Supplemental	2.0	-	1.4	1.4	1.4
Depreciation, Supplemental	-	-	0.9	0.9	1.0
Total Special Items	-	-	0.0	0.0	0.0
Normalized Income Before Tax	1.6	-	4.3	4.6	4.4

Effect of Special Items on Income Taxes	-	-	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	1.0	-	1.2	1.4	2.8
Normalized Income After Tax	0.5	-	3.1	3.2	1.6

Normalized Inc. Avail to Com.	0.5	-	3.1	3.2	1.6

Basic Normalized EPS	0.00	-	0.00	0.00	0.00
Diluted Normalized EPS	0.00	-	0.00	0.00	0.00
Normalized EBIT	3.6	-	5.5	5.4	5.6
Normalized EBITDA	3.6	-	6.4	6.3	6.5
Deferred Tax - Total	-	-	-0.2	-0.5	1.2
Deferred Tax - Total	-	-	-0.2	-0.5	1.2
Other Tax	-	-	1.4	1.9	1.6
Income Tax - Total	-	-	1.2	1.4	2.8
Other Pension, Net - Domestic	-	-	0.2	0.2	0.2
Domestic Pension Plan Expense	-	-	0.2	0.2	0.2
Total Pension Expense	-	-	0.2	0.2	0.2
Total Plan Other Expense	-	-	0.2	0.2	0.2

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Jun-2011	Updated Normal 30-Jun-2010	Reclassified Normal 30-Jun-2010	Updated Normal 30-Jun-2008
Filed Currency	NGN	NGN	NGN	NGN	NGN
Exchange Rate	162.3	152.5	149.8	148.1	117.815
Auditor			Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion			Unqualified	Unqualified	Unqualified

Cash	0.1	-	1.6	0.5	2.5
Cash and Short Term Investments	0.1	-	1.6	0.5	2.5
Trade Accounts Receivable - Net	11.8	-	8.9	8.5	15.3
Notes Receivable - Short Term	0.2	-	-	-	-
Other Receivables	-	-	3.9	3.6	5.5
Total Receivables, Net	11.9	-	12.8	12.1	20.8
Inventories - Finished Goods	-	-	2.9	2.7	4.5
Inventories - Work In Progress	-	-	0.1	0.1	0.1
Inventories - Raw Materials	-	-	1.7	1.8	2.0
Total Inventory	5.5	-	4.8	4.5	6.6
Prepaid Expenses	6.0	-	-	-	0.0
Other Current Assets	-	-	0.0	0.4	7.0
Other Current Assets, Total	-	-	0.0	0.4	7.0
Total Current Assets	23.5	-	19.1	17.4	36.9

Land/Improvements	-	-	5.2	-	2.0
Machinery/Equipment	-	-	5.2	-	4.8
Construction in Progress	-	-	6.6	-	3.0
Leases	-	-	1.5	-	1.8
Property/Plant/Equipment - Gross	-	-	18.6	-	11.6
Accumulated Depreciation	-	-	-3.7	-	-3.0
Property/Plant/Equipment - Net	20.7	-	14.8	13.6	8.6
Intangibles, Net	0.0	-	-	-	-
LT Investment - Affiliate Companies	7.8	-	-	-	-
LT Investments - Other	5.3	-	18.8	17.4	13.6
Long Term Investments	13.1	-	18.8	17.4	13.6
Total Assets	57.4	-	52.8	48.5	59.1

Accounts Payable	4.7	-	1.7	2.5	2.7
Payable/Accrued	-	-	5.8	3.6	3.9
Notes Payable/Short Term Debt	4.4	-	6.1	4.0	6.0
Current Portion - Long Term Debt/Capital Leases	-	-	0.3	0.3	0.4
Dividends Payable	-	-	-	-	0.2
Income Taxes Payable	1.6	-	3.1	2.5	1.6
Other Current liabilities, Total	1.6	-	3.1	2.5	1.8
Total Current Liabilities	10.6	-	17.0	12.9	14.8

Long Term Debt	10.6	-	-	-	-
Capital Lease Obligations	1.0	-	0.1	0.2	0.4
Total Long Term Debt	11.6	-	0.1	0.2	0.4
Total Debt	16.0	-	6.6	4.5	6.8

Deferred Income Tax - LT Liability	1.3	-	0.7	0.9	1.7
Deferred Income Tax	1.3	-	0.7	0.9	1.7
Pension Benefits - Underfunded	2.4	-	0.0	0.0	0.0
Other Liabilities, Total	2.4	-	0.0	0.0	0.0
Total Liabilities	25.9	-	17.8	14.1	17.0

Common Stock	-	-	5.0	5.1	6.4
Common Stock	-	-	5.0	5.1	6.4
Additional Paid-In Capital	-	-	19.8	20.1	25.2
Retained Earnings (Accumulated Deficit)	-	-	9.9	9.1	10.3
Unrealized Gain (Loss)	-	-	0.2	0.2	0.2
Other Equity	31.4	-	-	-	-
Other Equity, Total	31.4	-	-	-	-
Total Equity	31.4	-	34.9	34.4	42.2

Total Liabilities & Shareholdersâ€™ Equity	57.4	-	52.8	48.5	59.1

Shares Outstanding - Common Stock Primary Issue	1,500.0	-	1,500.0	1,500.0	1,500.0
Total Common Shares Outstanding	1,500.0	-	1,500.0	1,500.0	1,500.0
Employees	-	-	284	283	294
Number of Common Shareholders	-	-	5,078	3,983	-
Interest Costs	-	-	-0.1	-0.1	-0.2
Total Capital Leases, Supplemental	-	-	0.4	0.5	0.8
Capital Lease Payments Due in Year 1	-	-	0.3	0.3	0.4
Capital Lease Payments Due in Year 2	-	-	0.1	0.1	0.2
Capital Lease Payments Due in Year 3	-	-	0.1	0.1	0.2
Capital Lease Payments Due in Year 4	-	-	0.1	0.1	0.2
Capital Lease Payments Due in Year 5	-	-	0.1	0.1	0.2
Capital Lease Payments Due in 2-3 Years	-	-	0.1	0.2	0.3
Capital Lease Payments Due in 4-5 Years	-	-	0.1	0.2	0.3

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 30-Sep-2012	Updated Normal 30-Jun-2011	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2009	Updated Normal 30-Jun-2008
Filed Currency	NGN	NGN	NGN	NGN	NGN
Exchange Rate (Period Average)	155.838183	152.926612	151.080656	134.103251	120.590029
Auditor			Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion			Unqualified	Unqualified	Unqualified

Net Income/Starting Line	-	-	3.1	3.2	1.6
Depreciation	-	-	0.9	0.9	1.0
Depreciation/Depletion	-	-	0.9	0.9	1.0
Unusual Items	-	-	0.0	0.0	0.0
Other Non-Cash Items	-	-	1.4	1.4	1.4
Non-Cash Items	-	-	1.4	1.4	1.4
Accounts Receivable	-	-	-0.5	-4.6	-7.1
Inventories	-	-	-0.3	0.8	-2.3
Other Assets	-	-	0.0	7.3	-9.9
Accounts Payable	-	-	2.8	-1.1	5.4
Taxes Payable	-	-	0.4	0.9	2.8
Other Liabilities	-	-	0.0	0.0	-0.2
Other Operating Cash Flow	-5.3	-	-	-	-
Changes in Working Capital	-5.3	-	2.3	3.4	-11.2
Cash from Operating Activities	-5.3	-	7.7	8.9	-7.3

Purchase of Fixed Assets	-	-	-2.4	-9.1	-4.0
Capital Expenditures	-	-	-2.4	-9.1	-4.0
Sale of Fixed Assets	-	-	0.1	0.1	0.1
Investment, Net	-	-	1.8	1.2	-10.8
Purchase of Investments	-	-	-3.3	0.1	-0.1
Other Investing Cash Flow	-4.5	-	-	-	-
Other Investing Cash Flow Items, Total	-4.5	-	-1.4	1.4	-10.8
Cash from Investing Activities	-4.5	-	-3.8	-7.7	-14.8

Other Financing Cash Flow	8.5	-	-3.6	-3.9	19.9
Financing Cash Flow Items	8.5	-	-3.6	-3.9	19.9
Sale/Issuance of Common	-	-	-	0.0	5.5
Common Stock, Net	-	-	-	0.0	5.5
Issuance (Retirement) of Stock, Net	-	-	-	0.0	5.5
Long Term Debt, Net	-	-	-0.1	-0.1	0.0
Issuance (Retirement) of Debt, Net	-	-	-0.1	-0.1	0.0
Cash from Financing Activities	8.5	-	-3.7	-4.0	25.3

Net Change in Cash	-1.4	-	0.2	-2.8	3.2

Net Cash - Beginning Balance	1.5	-	-1.6	0.9	-2.2
Net Cash - Ending Balance	0.1	-	-1.4	-1.9	1.0
Cash Interest Paid	-	-	1.4	1.4	1.4
Cash Taxes Paid	-	-	0.7	0.6	0.0

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008	30-Jun-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2009	Reclassified Normal 30-Jun-2009	Updated Normal 30-Jun-2007
Filed Currency	NGN	NGN	NGN	NGN	NGN
Exchange Rate (Period Average)	155.838183	151.080656	134.103251	120.590029	128.074672
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified

Turnover	45.6	33.8	37.4	37.3	25.8
Total Revenue	45.6	33.8	37.4	37.3	25.8

Cost of Slaes	19.7	15.1	17.0	16.7	13.0
Selling, Distribution Cost & Admin Expen	22.7	13.3	15.2	15.0	8.0
Financial Cost	-	1.4	1.4	1.4	0.9
Finance Income	-	-0.1	-0.6	-0.2	0.0
Other Operating Income	-0.4	0.0	0.0	0.0	0.0
Toll Manufacturing Fee	-	-0.1	-0.1	0.0	-
Total Operating Expense	42.0	29.5	32.8	33.0	21.9

Finance Cost	-2.0	-	-	-	-
Finance Income	0.0	-	-	-	-
Net Income Before Taxes	1.6	4.3	4.6	4.4	3.9

Provision for Income Taxes	1.0	1.2	1.4	2.8	0.0
Net Income After Taxes	0.5	3.1	3.2	1.6	3.9

Net Income Before Extra. Items	0.5	3.1	3.2	1.6	3.9
Net Income	0.5	3.1	3.2	1.6	3.9

Income Available to Com Excl ExtraOrd	0.5	3.1	3.2	1.6	3.9

Income Available to Com Incl ExtraOrd	0.5	3.1	3.2	1.6	3.9

Basic Weighted Average Shares	1,500.0	1,500.0	1,500.0	1,500.0	200.0
Basic EPS Excluding ExtraOrdinary Items	0.00	0.00	0.00	0.00	0.02
Basic EPS Including ExtraOrdinary Items	0.00	0.00	0.00	0.00	0.02
Diluted Net Income	0.5	3.1	3.2	1.6	3.9
Diluted Weighted Average Shares	1,500.0	1,500.0	1,500.0	1,500.0	200.0
Diluted EPS Excluding ExtraOrd Items	0.00	0.00	0.00	0.00	0.02
Diluted EPS Including ExtraOrd Items	0.00	0.00	0.00	0.00	0.02
DPS-Common Stock	0.00	0.00	0.00	0.00	0.01
Gross Dividends - Common Stock	-	1.0	2.5	2.5	1.6
Normalized Income Before Taxes	1.6	4.3	4.6	4.4	4.0

Inc Tax Ex Impact of Sp Items	1.0	1.2	1.4	2.8	0.0
Normalized Income After Taxes	0.5	3.1	3.2	1.6	4.0

Normalized Inc. Avail to Com.	0.5	3.1	3.2	1.6	4.0

Basic Normalized EPS	0.00	0.00	0.00	0.00	0.02
Diluted Normalized EPS	0.00	0.00	0.00	0.00	0.02
Interest Expenses	2.0	1.4	1.4	1.4	0.9
Depreciation, Supplemental	-	0.9	0.9	1.0	0.7
Deferred Tax	-	-0.2	-0.5	1.2	0.0
Deferred Tax - Total	-	-0.2	-0.5	1.2	0.0
Company Income Tax	-	1.3	1.7	1.4	0.0
Education Tax	-	0.1	0.3	0.2	0.0
Income Tax - Total	-	1.2	1.4	2.8	0.0
Other Pension, Net - Domestic	-	0.2	0.2	0.2	0.1
Domestic Pension Plan Expense	-	0.2	0.2	0.2	0.1
Total Pension Expense	-	0.2	0.2	0.2	0.1

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008	30-Jun-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Jun-2010	Reclassified Normal 30-Jun-2010	Updated Normal 30-Jun-2008	Reclassified Normal 30-Jun-2008
Filed Currency	NGN	NGN	NGN	NGN	NGN
Exchange Rate	162.3	149.8	148.1	117.815	127.25
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified

Inventories	5.5	-	-	-	-
Loans & Receivables	0.2	-	-	-	-
Trade & Other Receivables	11.8	8.4	7.5	10.7	7.1
Prepayment	6.0	-	-	-	-
Cash & Bank Balances	0.1	1.6	0.5	2.5	0.3
Finished Goods	-	1.7	1.5	2.4	0.9
Raw & Packaging Materials	-	1.7	1.8	2.0	1.0
Work in Progress	-	0.1	0.1	0.1	0.1
Goods in Transit	-	1.2	1.2	2.2	1.9
Sundry Debtors	-	2.6	1.6	4.1	1.0
Prepayments	-	-	-	0.0	0.0
Directors Current Account	-	1.3	2.0	1.4	1.0
Advance for Machineries & Spare Parts	-	0.0	0.4	7.0	0.2
Amount Due from Related Companies	-	0.4	1.0	4.6	0.3
Total Current Assets	23.5	19.1	17.4	36.9	14.0

Fixed Assets	20.7	-	12.9	-	-
Investment Property	0.2	-	-	-	-
Intangible Assets	0.0	-	-	-	-
Investment In Joint Venture	1.2	-	-	-	-
Investment in Subsidiaries	0.9	-	-	-	-
Investment in Associate	5.7	-	-	-	-
Financial Assets Available for Sale	4.2	-	-	-	-
Financial Assets Held to Maturity	0.9	-	-	-	-
Land & Buildings	-	5.2	-	2.0	0.7
Plant, Machinery & Equipments	-	3.0	-	3.1	2.4
Furniture & Fittings	-	0.7	-	0.1	0.1
Motor Vehicles	-	1.5	-	1.6	1.1
Construction in Progress	-	6.6	-	3.0	2.0
Accumulated Depreciation	-	-2.7	-	-2.5	-1.7
Finance lease assets	-	-	0.7	-	-
Leased Motor Vehicles	-	1.4	-	1.6	0.8
Leased Office Equipment	-	0.1	-	0.1	0.1
Accumulated Depreciation	-	-1.1	-	-0.6	-0.3
Investments	-	18.8	17.4	13.6	2.2
Total Assets	57.4	52.8	48.5	59.1	21.4

Trade & Other Payables	4.7	1.7	2.5	2.7	3.1
Short term borrowings	4.4	-	-	-	-
Income Tax Payables	1.6	3.1	2.5	1.6	0.0
Bank Loans	-	2.8	1.8	4.6	0.4
Bank Overdrafts	-	3.0	2.2	1.4	2.4
Other Creditors & Accruals	-	5.8	3.6	3.9	1.7
Finance Leases	-	0.3	0.3	0.4	0.4
Commercial Papers	-	0.3	0.0	-	-
Dividends Payable	-	-	-	0.2	1.2
Total Current Liabilities	10.6	17.0	12.9	14.8	9.2

Long term Interest Bearing Loans & Bor	10.6	-	-	-	-
Obliagtioin Under Finance Lease	1.0	0.1	0.2	0.4	0.4
Total Long Term Debt	11.6	0.1	0.2	0.4	0.4

Retirement Benefit Obligations	2.4	0.0	0.0	0.0	0.2
Deferred Taxation	1.3	0.7	0.9	1.7	0.4
Total Liabilities	25.9	17.8	14.1	17.0	10.2

Share Capital	-	5.0	5.1	6.4	0.7
Share Premium	-	19.8	20.1	25.2	0.6
Fixed Assets Revaluation Reserve	-	0.2	0.2	0.2	0.2
Revenue Reserve	-	9.9	9.1	10.3	9.7
Net Assets	31.4	-	-	-	-
Total Equity	31.4	34.9	34.4	42.2	11.2

Total Liabilities & Shareholders' Equity	57.4	52.8	48.5	59.1	21.4

S/O-Common Stock	1,500.0	1,500.0	1,500.0	1,500.0	200.0
Total Common Shares Outstanding	1,500.0	1,500.0	1,500.0	1,500.0	200.0
Number of Common Shareholders	-	5,078	3,983	-	-
Full-Time Employees	-	284	283	294	255
Capital Lease Payments Due within 1 Year	-	0.3	0.3	0.4	0.4
Capital Lease Payments Due in Year 5	-	0.2	0.4	0.6	0.5
Finance Charges	-	-0.1	-0.1	-0.2	-0.1
Total Capital Leases, Supplemental	-	0.4	0.5	0.8	0.8

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008	30-Jun-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 30-Sep-2012	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2009	Updated Normal 30-Jun-2008	Updated Normal 30-Jun-2008
Filed Currency	NGN	NGN	NGN	NGN	NGN
Exchange Rate (Period Average)	155.838183	151.080656	134.103251	120.590029	128.074672
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified

Net Income	-	3.1	3.2	1.6	3.9
Depreciation	-	0.9	0.9	1.0	0.7
Profit/Loss on Disposal of Fixed Assets	-	0.0	0.0	0.0	0.1
Net Interest Payable	-	1.4	1.4	1.4	0.9
Inventories	-	-0.3	0.8	-2.3	-1.1
Trade Debtors	-	-1.0	1.2	-3.0	-4.0
Due from Related Companies	-	0.6	-5.7	-4.1	0.1
Other Debtors	-	0.0	7.3	-9.9	-1.5
Creditors	-	2.8	-1.1	5.4	2.9
Due to Related Companies	-	-	-	0.0	-0.1
Tax Payable	-	0.6	1.4	1.6	0.0
Deferred Tax Payable	-	-0.2	-0.5	1.2	0.0
Retirement Benefits	-	0.0	0.0	-0.2	0.1
As Reported Cash fr Operating Activities	-5.3	-	-	-	-
Cash from Operating Activities	-5.3	7.7	8.9	-7.3	2.1

Capital Expenditures	-	-2.3	-8.9	-3.1	-1.3
Addition to Finance Lease Assets	-	-0.1	-0.2	-0.9	-0.2
Investment in Related Companies	-	-3.3	0.1	-0.1	-0.8
Investment in Other Companies	-	1.8	1.2	-10.8	-0.1
Sale of Fixed Assets	-	0.1	0.1	0.1	0.0
As Reported Cash fr Investing Activities	-4.5	-	-	-	-
Cash from Investing Activities	-4.5	-3.8	-7.7	-14.8	-2.3

Repayment/Additional Lease Obtained	-	-0.1	-0.1	0.0	0.2
Interest Paid on Loans & Overdraft	-	-1.4	-1.4	-1.4	-0.9
Dividend Paid	-	-2.2	-2.4	-2.7	-0.2
Additions to Share Capital	-	-	0.0	5.5	0.0
Additions to Share Premium	-	-	0.0	24.0	0.0
As Reported Cash fr Financing Activities	8.5	-	-	-	-
Cash from Financing Activities	8.5	-3.7	-4.0	25.3	-0.9

Net Change in Cash	-1.4	0.2	-2.8	3.2	-1.1

Net Cash - Beginning Balance	1.5	-1.6	0.9	-2.2	-1.0
Net Cash - Ending Balance	0.1	-1.4	-1.9	1.0	-2.1
Cash Interest Paid	-	1.4	1.4	1.4	0.9
Cash Taxes Paid	-	0.7	0.6	0.0	-

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key IndicatorsÂ USD (mil)
Â	Quarter Ending 30-Sep-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	12.5	-	45.6	-	12.27%	16.52%
Operating Income1 (?)	1.1	-	3.6	-	-3.77%	1.90%
Income Available to Common Excl Extraord Items1 (?)	0.5	-	0.5	-	-42.12%	-30.28%
Basic EPS Excl Extraord Items1 (?)	0.00	-	0.00	-	-42.11%	-53.40%
Cash from Operating Activities2 (?)	2.7	-	-5.3	-	-	-
Free Cash Flow (?)	2.8	-	-5.1	-	-	-
Total Assets3 (?)	66.5	-	57.4	-	9.04%	27.87%
Total Liabilities3 (?)	32.7	-	25.9	-	26.34%	26.54%
Total Long Term Debt3 (?)	14.2	-	11.6	-	281.57%	105.23%
Total Common Shares Outstanding3 (?)	1,500.0	-	1,500.0	-	0.00%	49.63%
1-ExchangeRate: NGN to USD Average for Period	159.559671	Â	155.838183	Â	Â	Â
2-ExchangeRate: NGN to USD Average for Period	159.387984	Â	155.838183	Â	Â	Â
3-ExchangeRate: NGN to USD Period End Date	157.624785	Â	162.300000	Â	Â	Â

Key Ratios
Â	31-Dec-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
Profitability
Gross Margin (?)	56.72%	55.27%	54.69%	55.18%
Operating Margin (?)	7.82%	12.59%	12.41%	11.69%
Pretax Margin (?)	3.43%	12.59%	12.41%	11.69%
Net Profit Margin (?)	1.17%	9.13%	8.55%	4.20%
Financial Strength
Current Ratio (?)	2.21	1.12	1.35	2.48
Long Term Debt/Equity (?)	0.37	0.00	0.01	0.01
Total Debt/Equity (?)	0.51	0.19	0.13	0.16
Management Effectiveness
Return on Assets (?)	-	6.18%	6.07%	3.91%
Return on Equity (?)	-	9.02%	8.53%	5.92%
Efficiency
Receivables Turnover (?)	-	2.76	2.37	2.46
Inventory Turnover (?)	-	3.31	3.15	3.15
Asset Turnover (?)	-	0.68	0.71	0.93

Market ValuationÂ USD (mil)
P/E (TTM) (?)	3.68	.	Enterprise Value2 (?)	26.7
Price/Sales (TTM) (?)	0.18	.	Enterprise Value/Revenue (TTM) (?)	0.47
Price/Book (MRQ) (?)	0.30	.	Enterprise Value/EBITDA (TTM) (?)	4.08
Market Cap as of 28-Dec-20121 (?)	10.3	.
1-ExchangeRate: NGN to USD on 28-Dec-2012	156.999920
2-ExchangeRate: NGN to USD on 30-Sep-2012	157.624785

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
Financial Strength
Current Ratio (?)	2.21	1.12	1.35	2.48
Quick/Acid Test Ratio (?)	1.13	0.84	0.97	1.57
Working Capital1 (?)	12.9	2.1	4.5	22.0
Long Term Debt/Equity (?)	0.37	0.00	0.01	0.01
Total Debt/Equity (?)	0.51	0.19	0.13	0.16
Long Term Debt/Total Capital (?)	0.24	0.00	0.01	0.01
Total Debt/Total Capital (?)	0.34	0.16	0.12	0.14
Payout Ratio (?)	180.18%	32.20%	76.90%	158.48%
Effective Tax Rate (?)	65.81%	27.45%	31.13%	64.04%
Total Capital1 (?)	47.4	41.5	38.9	49.0

Efficiency
Asset Turnover (?)	-	0.68	0.71	0.93
Inventory Turnover (?)	-	3.31	3.15	3.15
Days In Inventory (?)	-	110.43	115.85	115.89
Receivables Turnover (?)	-	2.76	2.37	2.46
Days Receivables Outstanding (?)	-	132.49	154.05	148.12
Revenue/Employee2 (?)	-	119,890	119,769	130,022
Operating Income/Employee2 (?)	-	15,095	14,865	15,197
EBITDA/Employee2 (?)	-	18,335	17,799	18,543

Profitability
Gross Margin (?)	56.72%	55.27%	54.69%	55.18%
Operating Margin (?)	7.82%	12.59%	12.41%	11.69%
EBITDA Margin (?)	7.82%	15.29%	14.86%	14.26%
EBIT Margin (?)	7.82%	12.59%	12.41%	11.69%
Pretax Margin (?)	3.43%	12.59%	12.41%	11.69%
Net Profit Margin (?)	1.17%	9.13%	8.55%	4.20%
COGS/Revenue (?)	43.28%	44.73%	45.31%	44.82%
SG&A Expense/Revenue (?)	49.79%	39.37%	40.58%	40.29%

Management Effectiveness
Return on Assets (?)	-	6.18%	6.07%	3.91%
Return on Equity (?)	-	9.02%	8.53%	5.92%

Valuation
Free Cash Flow/Share2 (?)	0.00	0.00	0.00	-0.01
Operating Cash Flow/Share 2 (?)	0.00	0.01	0.01	0.00
1-ExchangeRate: NGN to USD Period End Date	162.3	149.8	148.1	117.815
2-ExchangeRate: NGN to USD Average for Period	162.3	149.8	148.1	117.815

Current Market Multiples
Market Cap/Earnings (TTM) (?)	3.68
Market Cap/Equity (MRQ) (?)	0.30
Market Cap/Revenue (TTM) (?)	0.18
Market Cap/EBIT (TTM) (?)	1.57
Market Cap/EBITDA (TTM) (?)	1.57
Enterprise Value/Earnings (TTM) (?)	9.57
Enterprise Value/Equity (MRQ) (?)	0.79
Enterprise Value/Revenue (TTM) (?)	0.47
Enterprise Value/EBIT (TTM) (?)	4.08
Enterprise Value/EBITDA (TTM) (?)	4.08

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.54
UK Pound	1	Rs.84.19
Euro	1	Rs.71.11

INFORMATION DETAILS

Report Prepared by :

SDA

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.